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[Weekly funding roundup Nov 23-29] Venture capital inflow drops dramatically

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Venture capital (VC) funding into Indian startups crashed in the last week of November as the total capital raised was well below $100 million in the absence of large deals.

This is also the sixth time this year that weekly VC funding has dropped below the $100 million mark.

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The total VC funding raised during the week totalled $77 million, cutting across 20 deals. In contrast, the previous week saw a total amount of $575 million, boosted by Zepto’s $350-million pickup.

This steep decline in VC funding was very unexpected and the week did not witness even a single deal valued above $50 million. This signifies the uncertain nature of funding into startups and also shows that there are still challenges concerning capital inflow.

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The overall sentiment, though plagued by the uncertainty in fund flow, is still upbeat given that a large number of VC firms have gone on to raise fresh capital. During the week, Stellaris Venture Partners announced the closure of its third fund at $300 million and Kenro Capital announced that it would be raising a fund focused on secondary transactions.

This shows that capital is available in the startup ecosystem but investors will remain judicious in terms of whom they are going to fund.

Key transactions

Mobile-first credit card startup OneCard raised Rs 239.4 crore ($28.5 million) from Better Tomorrow Ventures, Peak XV, and Z47, an Entrackr report said.

Candytoy Corporate raised Rs 110 crore ($13 million approx.) from domestic investors, HNIs, angel investors, and institutional investors.

ALT Mobility, an EV-focused startup, raised $10 million from Eurazeo, Shell Ventures, Twynam Earth Fund, and EV2 Ventures.

Nov29-top3

D2C tech startup ShopDeck raised $8 million from Bessemer Venture Partners, Elevation Capital, Venture Highway, and Chiratae Ventures.

Elchemy, a speciality chemical distribution platform, raised $5.6 million from Prime Venture Partners and InfoEdge Ventures.

All Things Baby, a curated platform for baby and mothercare products, raised Rs 30 crore ($3.5 million approx.) from the family office of Manish Choksi and Richa Choksi.





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Drones in 2024: Pilot training, govt schemes bring drone tech into the mainstream

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Once reserved for military use, drones are now becoming a staple across industries in India. From agriculture to logistics, these flying marvels are reshaping traditional practices and unlocking opportunities, especially in rural areas. 

This growth is partly powered by the support of government policies like the Namo Drone Didi scheme empowering rural women and acting as a catalyst for employment and economic progress. Now, more Indians are flying drones than ever before.

Growing demand for drone pilots

The integration of drones into sectors such as agriculture, logistics, healthcare, defence, and construction has created a pressing need for skilled operators. “With a projected 40% increase in requirements by 2025, the demand for trained drone pilots is escalating rapidly,” Dhanashree Mandhani, Founder and CEO of Salam Kisan, tells YourStory.

As of December 2024, the Directorate General of Civil Aviation had issued remote pilot certificates to 21,030 drone pilots, up from 8,680 in December 2023. 

To address the growing need, training programmes such as Indira Gandhi Rashtriya Uran Akademi, GATI Drone Pilot Training Programme, and Skill India Kisan Drone Operator Course have expanded into Tier II and III cities. “With over 116 remote pilot training organisations operational, drone education is more widespread than ever,” notes Agnishwar Jayaprakash, Founder and CEO, Garuda Aerospace.

According to Deepak Bhardwaj, Co-founder and Director of IoTechWorld Avigation, drone-as-a-service (DaaS) providers are offering attractive salaries to recruit talented pilots as the demand for skilled professionals continues to rise.

Training centres

As of December 2023, India had 76 RPTOs (remote pilot training organisations), which grew to over 150 drone training centres in 2024—a 97.4% increase. These facilities—offering theoretical and practical skills—play a vital role in overcoming regulatory hurdles and infrastructure limitations operators face.

India needs approximately 100,000 drone pilots by 2030 to support its ambition of becoming a global drone hub, Union Civil Aviation Minister Jyotiraditya Scindia had said earlier.

“Collaboration between companies and local governments has been key in establishing training centres and enhancing infrastructure,” explains Ankit Mehta, CEO of ideaForge

Awareness campaigns further educate the public about the benefits of drones, encouraging wider adoption. Under the Namo Drone Didi scheme, which provides drones to 15,000 women self-help groups for agricultural use, the women will also be educated on the operational benefits of drones, such as how to efficiently spray fertilizers and pesticides.

According to Surabhi Sanyukta, VP – Investments, BlackSoil, these training centres are instrumental in bridging skill gaps. “By focusing on Tier II and III cities, these programmes are creating pathways for scalable growth, especially for startups introducing drone-as-a-service models to reduce upfront costs.”

Smit Shah, President of the Drone Federation of India, also notes that minimal infrastructure is needed to set up a training centre. “The minimum requirement for setting up a training school is two drones, two instructors, two classrooms, and approximately two acres of land—what we call the ‘rule of two-to-two.’”

He also adds that the drone training ecosystem is generating high-quality, technologically advanced employment opportunities in rural India. “It’s especially impactful in agriculture, where drone spraying helps retain youth in rural areas. A 10th-pass individual with sound health and mind can complete a five-day, 40-hour training programme and start earning a minimum of Rs 30,000 per month.”

Government initiatives

India’s regulatory framework has advanced with the Drone (Amendment) Rules, 2024 allowing alternative identification methods for registration and de-registration. 

In Budget 2024, the government allocated Rs 57 crore for the drone manufacturing sector under the production-inked incentive scheme, marking a 72% increase from the previous year. Additionally, the Namo Drone Didi scheme had earlier received a separate allocation of Rs 1,261 crore for FY23-25.

“These reforms aim to generate over 500,000 jobs and contribute 1.5% to India’s GDP by 2030,” Mandhani adds.

The year of technological innovations

In 2024, drones became popular, with social media reels full of drone shows where hundreds of animated drones fly in formations to create stunning visuals. 

Drones are becoming smarter than ever due to advancements in artificial intelligence (AI), machine learning (ML), and IoT. AI-powered drones can autonomously analyse crop health, monitor soil conditions, and detect pests. “These capabilities optimise resource use and decision-making,” Sanyukta remarks.

Jayaprakash highlights trends such as DaaS models and 5G integration promise to revolutionise logistics and infrastructure inspection.

“Defence and logistics will dominate growth over the next decade,” predicts Sanyukta. “Innovations in combat drones, electronic warfare, and flying taxis for human transportation will redefine the sector.”

According to Prem Kumar Vislawath, CEO and Co-founder of Marut Drones, “Technological advancements in drones, such as longer battery life, enhanced AI, and improved sensors, are driving new applications like precision farming, medical supply delivery, and large-scale infrastructure surveying.” 

Despite significant growth, there was a 10.57% decline in funding for startups in 2024 compared with the previous year. According to Tracxn, the drone sector raised $100.1 million across 35 funding rounds in 2024.

Empowering women through drones

Programmes like the Kisan Drone Yojana make drones more affordable and accessible in rural areas, offering financial aid, training, and practical applications to integrate drone technology into farming, thereby enhancing productivity and income for farmers.

“Drones are empowering farmers by reducing costs and improving yields,” Mandhani adds.

Initiatives like the Namo Drone Didi scheme enable women to earn an additional income of approximately Rs 1 lakh per year by offering drone services on a rental basis to farmers. The government provides substantial financial assistance, covering 80% of the drone and accessory costs, up to Rs 8 lakh, to facilitate the acquisition of drones by SHGs.

Flexible training programmes accommodate household responsibilities, enabling more women to join this burgeoning field. “So far, we’ve trained 100 drone pilots and technicians, 25% of whom are women,” Mandhani shares.

Future of drones in India

The Indian drone market is expected to grow from $654 million in 2024 to $1.437 billion by 2029, with a compound annual growth rate (CAGR) of 17% during this period, according to Markets and Markets. The report also highlights that the volume of drones is projected to increase from 10,803 units in 2024 to 61,393 units by 2029.

The sector is set for transformative growth by 2025, driven by advancements in AI, ML, 5G technology, and evolving policy frameworks.

Jayaprakash roots for a stronger focus on indigenous development, local manufacturing, and leveraging AI to create “smart drones” with enhanced autonomy, improved battery life, flight time, and affordability.

Regulatory changes, including the approval of VLOS (visual line of sight) operations, are set to expand drone applications in medical deliveries, logistics, and disaster response, attracting significant investments, notes Bhardwaj. 

Vislawath adds that unmanned traffic management systems will ensure safe airspace integration, while state-certified drone testing facilities will expedite R&D and certifications. 

Additionally, experts believe eVTOL policies will pave the way for urban air mobility with drone taxis and swarm technology will enhance surveillance and inspections. Efforts in skill development will focus on indigenising drone components and state-level adoption of drones for firefighting and land mapping will grow, supported by regional policy incentives.





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Ex-PM Manmohan Singh dies at 92, leaves behind a legacy of economic reforms

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Former prime minister Manmohan Singh, the architect of India’s economic reforms, died on Thursday night. He was 92.

Singh’s death was announced by the All India Institute of Medical Sciences, Delhi, where he was admitted to the emergency ward around 8.30 PM in a critical condition.

An AIIMS bulletin said “he was treated for age-related medical conditions and had sudden loss of consciousness at home” on December 26.

“Resuscitative measures were started immediately at home. He was brought to medical emergency at AIIMS Delhi at 8.06 pm. Despite all efforts, he could not be revived and was declared dead at 9.51 pm,” said the bulletin.

Singh, who was prime minister for two terms in the Congress-led UPA government from 2004 to 2014, had been in poor health for the last few months.

He is survived by his wife Gurcharan Singh and three daughters.

Singh, who was finance minister under the then prime minister P V Narasimha Rao, was the architect and the brainchild of economic reforms in 1991 that pulled India from the brink of bankruptcy and ushered in an era of economic liberalisation that is widely believed to have changed the course of India’s economic trajectory.





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Peak XV Partners sells 1.5% stake in MobiKwik for Rs 82 Cr

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Peak XV Partners on Thursday divested 1.5% stake in fintech company One MobiKwik Systems for Rs 82 crore through an open market transaction.

Peak XV Partners (formerly Sequoia India & Southeast Asia) through its arm—Peak XV Partners Investment Holdings III—offloaded 12.01 lakh shares, or 1.55%, stake in One MobiKwik Systems through a bulk deal on the National Stock Exchange (NSE).

The shares were disposed of at an average price of Rs 679.38 apiece, taking the deal value to Rs 81.63 crore.

After the transaction, Peak XV Partners’ holding in Gurugram-based MobiKwik has declined to 1.26% from 2.81%.

Details of buyers of MobiKwik’s shares could not be ascertained on the exchange.

One MobiKwik Systems shares rose 2.40% to close at Rs 623.50 apiece on the NSE.

Last week, MobiKwik’s shares listed with a premium of nearly 60%.

The initial public offering (IPO) by MobiKwik was entirely a fresh issuance of equity shares worth up to Rs 572 crore with no offer-for-sale (OFS) component.

Founded by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform, offering a wide range of financial products for both consumers and merchants, including payments, digital credit, and investments.





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